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Palm Beach County has most improved housing market in U.S.

8 Feb 2013 1:48 PM
Palm Beach County has most improved housing market in U.S.

After being hit hard by the downturn of the late 2000s, as so many regions in Florida were, Palm Beach County's housing market has shown remarkable resilience in the last few months. In fact, demand has risen so sharply in the area that the housing market analysts at ZipRealty named the county as the most improved in the country.  

Between December 2011 and December 2012, the median price for Palm Beach homes rose 35 percent, an increase unmatched by any other market in the country. Most local experts suggest that the rapidly climbing property values are the result of renewed consumer optimism and subsequently increased demand. For several years, sellers in the area had difficulty finding motivated buyers for their properties, but those days appear to be over. In fact, inventory across the county is low enough that buyers often find themselves competing against one another for properties. 

"What [the rising median price suggests] is that much of the home inventory and residential lot inventory appears to have been absorbed," Stan Geberer, an Orlando-based economic consultant, told the Palm Beach Post.

As demand has risen and the inventory of for-sale homes has ebbed, many local real estate professionals have found it hard to connect motivated buyers with properties. In a report conducted by WBPF, West Palm Beach's local ABC affiliate, several local experts said that they have been unable to keep up with demand as the available inventory continues to shrink. 

Although the last several months have been especially strong, Palm Beach County has actually shown sustained improvement for more than two years, according to Corey Consulting. Since December 2010, inventory has steadily declined and list prices and sales volume have all climbed.